Economic Calendar Analysis
The most notable event of the week will be the US and Canadian monthly employment data release on Friday at 13:30 GMT.
However, some might argue that the FOMC Meeting Minutes release on Wednesday at 19:00 GMT might cause a larger move. However, historical data of immediate reactions shows that it is not the case.
On Wednesday, at 13:15 GMT, the ADP Non-Farm Employment Change might cause minor USD moves on all charts.
On Thursday, the official US Unemployment Claims at 13:30 GMT could create USD volatility. Later on, on the same day, the US ISM Non-Manufacturing Purchasing Managers Index is set to be published at 15:00 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the EUR/USD surging above the 1.1300 mark and the weekly S1 simple pivot point at 1.1304, the pair might reach for the 50, 100 and 200-hour simple moving averages near 1.1325. In addition, note the resistance line, which connects the recent high levels. Meanwhile, a move above 1.1325, the weekly simple pivot point at 1.1345 might stop a surge.On the other hand, the pair might decline to the support zone that is located above the 1.1260 level. The 1.1260 mark represents the December 21 and 22 low levels. A move lower, might find support at the December low level zone at 1.1225/1.1235 and the weekly S2 simple pivot point.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has been going nowhere during the whole of December, as the rate appears to be bouncing around the 1.1300 mark.Meanwhile, note the approaching 50-day simple moving average. The SMA might provide resistance and cause another test of the support of the 1.1200 mark and the 38.20% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the Euro against the USD.